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Yesterday’s signals were not triggered, as there was no bearish price action at 0.9914 when it was hit.

Today’s USD/CHF Signals

Risk 0.50%.

Trades may only be taken before 5pm London time today.

Short Trade Idea

Short entry following a bearish price action reversal upon the next touch of 0.9946.

Put the stop loss 1 pip above the local swing high.

Move the stop loss to break even once the trade is 20 pips in profit.

Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

Long Trade Ideas

Long entry following a bullish price action reversal upon the next touch of 0.9914 or 0.9889.

Put the stop loss 1 pip below the local swing low.

Move the stop loss to break even once the trade is 20 pips in profit.

Remove 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to ride.

The best method to identify a classic “price action reversal” is for an hourly candle to close, such as a pin bar, a doji, an outside or even just an engulfing candle with a higher close. You can exploit these levels or zones by watching the price action that occurs at the given levels.

USD/CHF Analysis

I wrote yesterday that the situation here now was extremely congested and range-bound, and this pair was probably good for nothing more than quick scalps off any key levels which were hit, although I was not optimistic that 0.9889 would continue to hold as resistance for much longer. I was partially correct as we got a break above 0.9889 and the price continued to rise, creating new higher support levels.

The price is again near to challenging the strong medium-term resistance level at 0.9946 and this level is likely to be today’s major pivotal point. I think if get 2 hourly closes above that level, the price will be set for a rise to at least 1.0000. Conversely a bearish failure could also be a good short trade but probably only until about 0.9914.

Due to the absence of scheduled news events today, unless something dramatic happens in the Gulf or concerning the U.S. / China trade dispute, the resistance at 0.9946 will be likely to hold over the day.There is nothing of high importance due today concerning either the CHF or USD.

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Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch. Learn more from Adam in his free lessons at FX Academy

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